As India prepares for elections this spring, confidence about the country’s prospects seems ubiquitous. The country has just finalized a new trade agreement; it’s with a small trading bloc composed of Norway, Switzerland, Liechtenstein and Iceland, but the headline number for new foreign investment it commits to bringing in, $100 billion, is nevertheless eye-catching. The … Read more
JPMorgan Chase & Co. posted a 52% jump in its first quarter profits, helped by higher interest rates, which allowed the bank to charge customers more for loans. The bank saw deposits grow noticeably, as business and customers flocked to the banking titan after the failure of Silicon Valley Bank and Signature Bank. With JPMorgan’s … Read more
JPMorgan Chase & Co has cut hundreds of mortgage employees, a source familiar with the matter told Reuters on Wednesday, hours after the company announced plans to hire some bankers. “We regularly review our business and customer needs and adjust our staffing accordingly – creating new roles where we see the need or reducing positions … Read more
The S&P 500 pared early losses to close modestly lower on Thursday after investors digested disappointing quarterly results from two large U.S. banks and hotter-than-expected inflation data. Initially, all three major U.S. stock indexes sold off sharply in the wake of second-quarter earnings from JPMorgan Chase & Co and Morgan Stanley. Both reported slumping profits … Read more
The Gift City in Gujarat is set to get the biggest push yet in becoming the Indian hub for global finance, as Prime Minister Narendra Modi is likely to formally launch the operations of JPMorgan Chase, Deutsche Bank and Japan’s MUFG at the International Financial Services Centre (IFSC) on July 15, said three people familiar … Read more
Wall Street’s big investment banks are sending a message to their employees this summer: Get back into the office and bring your vaccination card. New York-based Morgan Stanley said this week that all employees will be required to attest to their vaccination status. Those who are not vaccinated will be required to work remotely, which … Read more
WASHINGTON: U.S. employers shed jobs last month for the first time since April, cutting 140,00 positions, clear evidence that the economy is faltering as the viral pandemic tightens its grip on consumers and businesses. At the same time, the unemployment rate stayed at 6.7%, the first time it hasn’t fallen since April. Friday’s figures from … Read more
Most brokerages have raised target prices on Axis Bank by 5-20% after the lender’s September quarter results exceeded Street estimates. The private lender reported a profit of Rs 1,682.7 crore for the quarter against loss of Rs 112.1 crore in the same period a year ago. Brokerages said the asset quality is better than what … Read more
Saudi Arabia’s Public Investment Fund (PIF) and Abu Dhabi Investment Authority (ADIA) are likely to invest about $500 million (Rs 3,700 crore) each to acquire a total 51% in the infrastructure investment trust (InvIT) structure formed by Reliance Industries Ltd (RIL) to monetise its fibre optic network assets, said people aware of the matter. Over … Read more
LONDON—European governments have spent big keeping millions of workers on company payrolls during the pandemic. Now, the U.K. is set to find out what happens when that support is removed. The U.K. government has said it would close the most costly of its coronavirus-support programs for businesses late next month, which would make the country … Read more